Sensus Healthcare, Inc.

What they do

Sensus designs and sells the SRT-100, SRT-100+ and SRT-100 Vision devices, which use proprietary low-energy X-ray technology to treat non-melanoma skin cancers such as basal cell and squamous cell carcinomas, as well as keloids, without surgery. The company operates as one segment from Boca Raton and had installed 955 units in 21 countries as of December 31, 2025, primarily in the United States. A wholly owned subsidiary formed in February 2024, Sensus Healthcare Services, LLC, provides equipment, radiation oncology and physicist oversight, and on-site device operation to dermatology clinics under a service model called the Fair Deal Agreement.

Revenue drivers

• SRT device sales (SRT-100, SRT-100+, SRT-100 Vision) — The core business is selling capital equipment to dermatology practices, physician groups, hospitals and radiation oncologists; unit volume drives revenue, with 955 units installed in 21 countries as of December 31, 2025.
• Fair Deal Agreement service model — Introduced via the February 2024 subsidiary, this model places systems with dermatology clinics and provides physicist oversight and on-site technologist operation, generating revenue recognized over the agreement term rather than at shipment.
• International sales — Sales into markets including Asia-Pacific carry lower average selling prices than U.S. sales and were cited as a factor in the gross margin decline to 34.8% in Q2 2026.
• Rental arrangements — Some systems placed in Q2 2026 were under rental arrangements, with revenue recognized over the term rather than upfront, similar to Fair Deal Agreements.

Recent performance

Revenue for the quarter ended June 30, 2026 was $2.3 million, down $5.0 million or 68.5% from $7.3 million in the prior-year quarter, driven by fewer units sold (11 including Fair Deal Agreements and rentals versus 19) and no sales in the period to a historically large customer. Gross profit fell 72.4% to $0.8 million and gross margin declined to 34.8% from 39.7% on unfavorable product mix, including more international shipments. The company reported a net loss of $8.7 million for Q2 2026 versus a $1.0 million net loss in Q2 2025, including a $5.7 million income tax provision; the six-month net loss was $11.4 million. Full-year 2025 revenue was $27.5 million with a net loss of $7.7 million, and operating cash flow turned positive at $528,000. At June 30, 2026, total assets were $41.3 million, total liabilities $4.4 million, shareholder equity $36.9 million and cash $15.2 million.

Strategy

Management lists five strategic priorities for 2026: education and training, accelerating customer adoption, expanding recurring revenue, broadening commercial reach, and driving the company toward profitability. The company is pursuing larger physician groups and health systems and increasing utilization under the Fair Deal Agreement program, while expanding internationally in key Asia-Pacific markets including Australia and New Zealand. Recent activity includes a material agreement entered June 5, 2026 and the implementation of dedicated CPT codes, which management says is increasing physician engagement and pipeline. Management said it remains committed to delivering strong performance in the second half of 2026.

Risks

• Reimbursement dependence — The commercial success of SRT depends on Medicare, Medicaid, private insurers and other third-party payors providing coverage and adequate reimbursement, and a national or local coverage denial could reduce adoption.
• Customer concentration — Revenue is concentrated among U.S. and China customers, including one particularly large U.S. customer that made no purchases in the most recent quarter.
• Revenue timing and financing — Q2 2026 revenue was reduced because financing approval timing prevented recognition of eight unit sales, which the company says will shift into Q3.
• Competition and technology obsolescence — The company faces the risk that others develop new products, treatments or technologies that render its SRT technology partially or wholly obsolete.

Outlook

Management said the eight units delayed by financing approval have since been sold and related revenue will be recognized in the third quarter of 2026, characterizing the issue as timing rather than demand. The company cited a healthy pipeline, growing customer engagement and commercial activity, and said it remains focused on delivering strong second-half 2026 performance. It also highlighted a CMS proposed 26% increase in the hospital-based SRT delivery code, which, if finalized, would improve provider economics and support adoption in hospital and health system settings.